Contextual Chatbots: Introduction
- Contextual chatbots are advanced chatbots, developed by the use of artificial intelligence, behavior analytics, and machine learning algorithms. The main function of contextual chatbots is to figure out user mindset or intention i.e. in which sense the user is asking a question, post which, contextual chatbots replies those sentiments and behavior according to the intentions of the user.
- Contextual chatbots have a feature that it remembers all the previous activities a user has already asked or performed. Contextual chatbots are primarily used by market research firms, BPO companies, and contact center companies to help customers make a more informed decision before a purchase.
- Contextual chatbots provide the ability to save the previous choices of its customer. Hence, it becomes capable of predicting possible actions of customers to perform in real-time.
- The global contextual chatbots market is projected to expand at a rapid pace during the forecast period due to an increase in demand for contextual chatbots among end-users.
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Global Contextual Chatbots Market: Dynamics
Global Contextual Chatbots Market: Key Drivers and Restraints
- Increasing advancement in technology such as AI & Natural Language Processing (NLP) coupled with rising customer demand for self-services is estimated to boost the demand for contextual chatbots during the forecast period.
- Rising need to track consumer behavior in real-time to assist in decision making is also estimated to boost the demand for contextual chatbots across the globe.
- Increasing focus on customer engagement through various channels among contact centers is estimated to boost the demand for contextual chatbots across the globe. Contextual chatbots reduce the time and effort required for repetitive tasks and automates the whole process.
- Growing use of contextual chatbots among end-users is estimated to propel the market during the forecast period
- Growing demand for 24*7 customer assistance at a lower operational cost in real-time across the globe is anticipated to boost the demand for contextual chatbots during the forecast period.
- However, integration of contextual chatbots with existing infrastructure is one of the major factors expected to hamper the contextual chatbots market during the forecast period
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Impact of COVID-19 on the Global Contextual Chatbots Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Businesses have been adversely impacted in most countries due to partial or full lockdown. However, COVID-19 has a positive impact on the contextual chatbots market due to increasing deployment and adoption of contextual chatbots across the globe to respond to customer queries and other related information under the current norms. For instance, in April 2020, WHO introduced a Facebook Messenger version of its WHO Health Alert platform that offers instant and accurate information about COVID-19. Contextual chatbots help companies by reducing the burden of dealing with customer queries when they are operating with minimal customer service employees.
North America to Hold Major Share of the Global Contextual Chatbots Market
- In terms of region, the global contextual chatbots market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global contextual chatbots market in 2019, due to the extensive adoption of contextual chatbots in retail, e-commerce, BFSI, and food & beverage sectors. The U.S. is the key country in the region because it has a strong economy and technologically advanced players.
- The contextual chatbots market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing demand for advanced conversational platforms from the banking, financial services and insurance (BFSI) sector in the region.
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Global Contextual Chatbots Market: Competition Landscape
Several local, regional, and international players are active in the contextual chatbots market with strong presence. Rapid technological advancements have created significant opportunities in the global contextual chatbots market. Market players are gradually focusing on mergers and acquisition with technology partners to develop innovative and advanced solutions in order to improve their offerings and market reach.
Key Players Operating in the Global Contextual Chatbots Market
- Amazon Web Services
- Artificial Solutions
- ChatterOn (Zuppit Tech Solutions Pvt. Ltd.)
- Floatbot, Inc
- Flow XO LLC.
- Google, LLC
- IBM Corporation
- Nuance Communications
- Nuance Communications
- Pandorabots, Inc.
- Snatch Group Ltd. (SnatchBot)
Global Contextual Chatbots Market: Research Scope
Global Contextual Chatbots Market, by Solutions
- Chatbot Platform
Global Contextual Chatbots Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprises
Global Contextual Chatbots Market, by End-user
- Retail & E-commerce
- IT & Telecommunication
- Travel & Hospitality
- Food & Beverages
Global Contextual Chatbots Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Chat Automations Tools
- Conversational Platforms
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.